Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.
We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market's pulse to optimize your trading gains. Now, let's dive into the stock analysis:
SPDR S&P 500 ETF Trust The SPY (ARCA: SPY) is currently trading around our level of 512.26. For those looking for upward movement, the initial target is 512.91. Should the market maintain strength above this level, the next goal is to reach 513.76, which serves as a key support. Maintaining above 513.76 during the trading session could lead to a further rise towards 514.62. The ultimate bullish target for SPY today is set at 515.68, marking the highest point bulls aim to achieve.
On the downside, if the SPY fails to hold 512.26 as support, the bearish outlook becomes more probable. The first level bears will test is 511.69, followed by a potential drop to 510.95 if selling pressure intensifies. A break below this level could see the SPY reaching down to a significant support at 510.14. In the event of a strong bearish push, the lowest target for today is set at 509.49.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ), also known as the Q's, is hovering around a pivotal point at 445.09. For a bullish scenario, it's crucial that 445.09 is maintained as a base. If this is achieved, the next objective is to secure 445.43 as a solid support level. With sustained buying, we might see the Q's advancing to 446.51. A robust trading session could potentially lead to testing higher grounds at 447.73, with the highest bullish aim for today being 449.36.
Conversely, if the Q's struggle to stay above 445.09, it could signal bearish control. The initial bearish target is 444.09, with further weakness potentially leading to 442.53. Persistent selling might challenge the support at 441.56, and if this level fails, the bearish momentum could extend down to the day's lowest target of 440.78.
Apple Inc. Apple's (NASDAQ: AAPL) stock is presently positioned around 178.61. For bullish investors, holding 178.61 as a base is crucial. An upward move would ideally lead to 179.36, followed by an ascent to 180.10. Should the bullish sentiment prevail in today's market, the target is to push Apple's stock beyond to a high bull target of 180.60.
If Apple's stock cannot sustain 178.61 as a support, a bearish trend might emerge, first testing 178.18. Increased selling pressure could drive the stock down to 177.20, and if the bearish momentum continues, 176.84 could come into play. The lowest bear target set for today in such a scenario is 176.29.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently seen around 413.14. Bulls are hoping for the stock to remain firm above this level and aim for a rise to 414.56, which should be established as a support during the trading hours. A sustained position above this key level could trigger an upward move towards 416.32, with the day's bullish pinnacle being 417.25.
Should Microsoft fail to keep 413.14 as its support, the bearish perspective gains ground. The first level to watch is 411.72, with a potential further slide to 410.64 if the bears continue to push. A continued downward trend could see Microsoft reaching 409.69, with the ultimate bear target for today being 408.46.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading near a critical point at 833.50. Bulls are eyeing an upward movement to 837.58, hoping to establish it as a clear support zone. Further bullish endeavors aim to push the stock to 842.42, and with continued buying interest, a surge to 846.80 is anticipated. The highest bullish goal for NVIDIA today is 852.61.
On the flip side, if NVIDIA cannot sustain 833.50 as a robust support in today's session, a bearish trend is likely to unfold. The initial bearish marker is set at 827.98, with a break below this level possibly leading to a decline to 823.52. Weakness in today's trading could prompt a test at 816.95, with the lowest bear target being 810.13.
Alphabet Inc Class A Alphabet's (NASDAQ: GOOGL) current trading level is 136.29. Bulls are aiming for 136.94 to act as a foundation, pushing the trading value up to 137.79. Continued bullish force could propel Alphabet towards the high target of 138.39 for the day.
If Alphabet cannot maintain 136.29 as a support, bears may drive the price down to 135.66. A breach of this level could lead to further testing at 134.96. In the case of significant selling, the bearish endpoint for today is anticipated to be 133.78.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 500.83. For a bullish outlook, it's essential for the stock to stay strong above this level, with an upward trajectory aiming for 504.54. A solid buying session could elevate the price to 508.25, with the ultimate bullish target for the day being 512.85.
Conversely, if Meta cannot hold 500.83 as a base, a bearish perspective might take over, initially targeting 498.03. Continued selling could lower the price to 495.54, and if the downtrend persists, the bearish aim for the day is 492.33.
Tesla Inc. Tesla's (NASDAQ: TSLA) stock is at a crucial juncture of 198.87. Bulls are looking to propel the price to 200.43, with further buying potentially leading to 201.85. A bullish market today could see Tesla reaching higher levels at 204.33, with the day's ultimate bullish goal being 206.71.
If Tesla cannot maintain 198.87 as a solid support today, a bearish trend might be indicated, initially targeting 197.50. With continued selling, the price could be driven down to 195.91, and if the bearish momentum is sustained, the day's lowest target is 193.81.
Final Word: Today's trading session is relatively quiet concerning US data releases, but attention is drawn towards a scheduled speech by Patrick Harker, a non-voting member of the Fed, at 11AM EST. The market might experience positioning trades in anticipation of data releases later in the week. It's crucial to trade with discipline and safety today. Wishing everyone good luck in today's trade!
Given these pivotal events, traders are urged to proceed with caution and stay alert to rapidly changing market conditions. It's crucial to adapt trading strategies as new information unfolds. Have a great trading session and a Happy Friday!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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